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Updated over 10 years ago,
Free and Clear deal structuring advice
I am trying to figure out a good way to structure this free and clear deal. the numbers are below.
Home is free and clear 3 bd and 2 full bath, 1758 sqft, property tax was 758 in 2012, and purchased for 58K in 1978. It is not listed on the MLS nor have the current owners listed it with an agent. The neighborhood is fairly decent and my estimation on rents if i decide to buy and hold is around 600 - 650 monthly.
comps = .25 miles away 3 bed 2 bath sold 3/2014, built 1977, $88,000 -- 1407 sqft
2.6 miles away 3 bed 2 bath sold 4/2014 $79K, built 1956 1784 sqft
.05 miles away, 3 bed 2 bath sold 4/2014 160K, built 1974, 2208 sqft
The seller is not sure how much they want for the house. Right now they are just cleaning it out, so they can sell in a few months. I want to walk them through a process where they don't list it, to help them save time and money.
property will need less than 5K repair work
depending what they ask, 1st I would like to structure a owner finance deal where i don't seem too pushy, or 2nd private money and refinance long term or 3rd wholesale it. Any thoughts on how to structure this?
i have lines of credit, partners, cash, and contacts for handy man work